The UK Innovator Visa is a popular choice for talented entrepreneurs who wish to set up a business in the UK.
Regardless of whether you're an international entrepreneur or already based here, it's always beneficial to be aware of the variety of Visa options available to those who wish to set up shop in the UK.
So, listen up - because for this week's blog post, we've condensed reams of information from the UK Government into five need-to-know facts about the Innovator Visa.
1. All applicants should have an idea is new, viable and has potential for growth
This must be proven through an endorsement by a recognised, well-established UK incubator or accelerator - more on that later. If you're a new UK business that has yet to start trading, keep this in mind: it's likely that there are plenty of talented individuals overseas that have the skills to help your idea flourish.
2. Individuals with new business ideas need an endorsement from an approved UK accelerator or incubator
Those approved to offer endorsement include (but are not limited to) Ignite, RBS and NatWest - but you'll need to do more than just send an email to win their favour. That's where UTT comes in: our job is to ensure that every applicant nails the process, with a bespoke package of entrepreneurial training, business coaching and expert guidance. But enough about us - the full list is available on gov.uk.
3. Applicants need at least £50,000 in investment funds
This may not seem like a huge investment, but it is the key for anyone seeking to launch their business in the UK.
4. Once approved, an applicant is free expand their business as much as they like
At UTT, we seek to train business-minded individuals to expand their skill-set, and hope to see each entrepreneur blossom to their full potential. If business is booming and the entrepreneur wishes to branch out, that's not a problem - expanding overseas, especially to their home country where they are more familiar with the local market, is highly encouraged.
5. Applications are processed pretty quickly - usually around 3 weeks!
As a result, hopeful applicants won't have to wait to launch their UK entrepreneurial venture. If they are prepared, motivated and business-savvy enough, it's a pretty speedy process... luckily, our services can help with that.
Are you an entrepreneur embarking on your own UK business journey? Or do you simply have a question about our services? Either way, UTT are here to help. Drop us an email on firstname.lastname@example.org to book a consultation.